Brent Oil Reached Above $73 a Barrel

Brent oil reached above $73 a barrel on June 21. Today in global markets, a barrel of brent oil is trading at $ 73.73.

Barrel of Brent oil, which went up to $ 73.76 on the last trading day of last week, closed the day at $ 73.51. The barrel of brent oil, which increased by 0.3 percent compared to the closing at 09:18 am today, is trading at $ 73.73. At the same time, West Texas Intermediate (WTI) crude oil was traded at $71.61 a barrel. The acceleration of global vaccination efforts and the recovery of oil demand due to the increase in travel in the summer season played a role in the increase in oil prices. The 10-day hiatus planned during the talks, in which the full implementation of the Iran nuclear deal, called the "Joint Comprehensive Plan of Action (KOEP)", which has been going on for about 3 months in Vienna, the capital of Austria, and the return of the USA to the agreement, were evaluated, supports the upward trend of prices. Russia's Permanent Representative to the United Nations (UN) Vienna Office, Mikhail Ulyanov, stated that the parties could meet in 10 days for the next meeting, but an exact date has not been given yet. Iranian Deputy Foreign Minister Abbas Araghchi said, "We are much closer than ever to an agreement," on Iran's English-language state television Press TV. Expectations that the oil embargo against Iran would be lifted, if agreed upon during the talks, caused concerns that there would be an oversupply in the market and put pressure on prices. In addition, the number of oil rigs in the US increased by 8 compared to the previous week to 373 in the week of June 12-18, according to the weekly data released by oil field services company Baker Hughes. The number of oil drilling rigs in the country has increased by 189 in the last 1 year. This increase hinders the upward movement of prices as it means that the country's crude oil production will rise and there will be excess supply in the oil market, which is experiencing demand problems. In technical terms, it is stated that the range of 73.78 and 74 dollars can be followed as resistance and the range of 73.56 and 73.34 dollars as support in Brent oil.